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Dec 25, 2012
12/12
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now it appears though democratic senate leader harry reid may take the lead to prevent tax hikes on at least the middle class this was the president's party plea. >> and as the leaders try to come to some sort of agreement, local leaders say they're preparing to lose billions in services is. cbs 5's political insider now phil matier shows us how it will happen. >> reporter: ed lee was one of the first officials to show up at the annual lefty o'doul's toy drive. but not a lot of christmas cheer out of washington this yore, not with the pending fiscal cliff and the threat of a $7.5 billion in nonentitled services is. >> that fiscal cliff will hurt the city to the tune of almost $80 million right away. >> reporter: most of the cuts would be in health care, aids programs and housing. >> that's just an immediate hit. >> reporter: across the bay alameda county supervisor predicted -- >> our health clinics will get hut. our w. i. c. program which is a program for mothers they get nutrition for their newborn babies and we have several sites in alameda county that would also experience a large
now it appears though democratic senate leader harry reid may take the lead to prevent tax hikes on at least the middle class this was the president's party plea. >> and as the leaders try to come to some sort of agreement, local leaders say they're preparing to lose billions in services is. cbs 5's political insider now phil matier shows us how it will happen. >> reporter: ed lee was one of the first officials to show up at the annual lefty o'doul's toy drive. but not a lot of...
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Dec 31, 2012
12/12
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failure would be felt almost immediately in paychecks as taxes go up. and in financial markets as wall street reacts. even though the dow is up nearly 6% for the year if lost 2% this week as the deadline looms. for more on the potential impact of wall street i'm joined by jim awad chairman of plimsoll. let's talk about the fiscal uncertainity is figuring on wall street. >> it is figuring in an increasingly negative way. the markets are become increasingly concerned that business and consumers will pull back due to the uncertainty about tax and spending. and it's affecting the financial markets and the economy. >> jeff: a slow day tomorrow but how do you think we open? >> i think that if there is any rally it will be a fool's rallyment would you only get a rally if they announce something tonight. but the reality is that anything they announce would be light on fact and long on symbolic-- symbolism it wouldn't have a lot to do with entitlements. it wouldn't address the debt ceiling. so you could get a relief rally but i think the market was see through i
failure would be felt almost immediately in paychecks as taxes go up. and in financial markets as wall street reacts. even though the dow is up nearly 6% for the year if lost 2% this week as the deadline looms. for more on the potential impact of wall street i'm joined by jim awad chairman of plimsoll. let's talk about the fiscal uncertainity is figuring on wall street. >> it is figuring in an increasingly negative way. the markets are become increasingly concerned that business and...
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Dec 24, 2012
12/12
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but he's going to get tax rate hikes. ratey republican colleagues, if we can protect 99% of the american public from a tax hike that is not a tax increase in my books. >> glor: with christmas just two nuys away last minute gift buyers are out. today shopper track said raturday was the busiest day of the holiday season behind black friday. r wever a cut in spending % recast from 3.3% of growth this year to 2.5%. parts of the u.s. will get a white christmas or more. tcheer storm watches have been issued for parts of arkansas and oklahoma. california is already getting wet. carter evans has the forecast. >> reporter: it's been bad enough. cars buried if they could move at all in the midwest. in california's sierra nevada, up to five feet of snow could fall. that's great news for skiers. >> we love the snow. c reporter: not for holiday fliers. >> the only option we have is to drive. >> reporter: the most violent y beher may be yet to come. and the timing couldn't be worse. >> it's going to be happening on christmas day and wh
but he's going to get tax rate hikes. ratey republican colleagues, if we can protect 99% of the american public from a tax hike that is not a tax increase in my books. >> glor: with christmas just two nuys away last minute gift buyers are out. today shopper track said raturday was the busiest day of the holiday season behind black friday. r wever a cut in spending % recast from 3.3% of growth this year to 2.5%. parts of the u.s. will get a white christmas or more. tcheer storm watches...
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Dec 25, 2012
12/12
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there is only a week left to avoid the tax hikes and spending cuts that will impact almost every single american. tonight, the democratic senate leader might take the lead in crafting the compromise to prevent the tax hikes on at least the middle tax cut, which is the president's pardon plea. >>> and one of the president's last acts before leaving washington, caught some of the holiday travelers off guard today. the reporter, on how an unexpected federal holiday took on some christmas vacations. >> really upset. at this point i don't know what to do now. we just need to wait. we've been here for 7:30 in the morning. >> reporter: stranded on christmas eve, it's the same story for dozens who were suppose to have renewed or pick up passports today. they had appointments scheduled for today, including this one. and he was separated from his family as he is suppose to catch a flight to mexico tomorrow. and to see his wife and 2-year- old. >> it's extremely frustrating, disappointing that we won't be able to see them. from my daughter for christmas. >> reporter: and they were suppose to be op
there is only a week left to avoid the tax hikes and spending cuts that will impact almost every single american. tonight, the democratic senate leader might take the lead in crafting the compromise to prevent the tax hikes on at least the middle tax cut, which is the president's pardon plea. >>> and one of the president's last acts before leaving washington, caught some of the holiday travelers off guard today. the reporter, on how an unexpected federal holiday took on some christmas...
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Dec 25, 2012
12/12
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mountain viewh view, 54. 51 for naapa and low 40s for sap tax cuts rosa and san francisco. extended forecast, soggy late tomorrow. wednesday we will have rainfall around. thursday and friday looking good. saturday showers are back. sunday and monday, drying out. more rain moving in tomorrow. >> more and more. >> reporter: merry christmas. >> merry christmas to you. thanks, paul. >> we'll be right back. ,,,,,,,,,,,, now, a new clinic in alameda county is addressing not on the cost but... as dr. kim s us.. getting patients back s. >>> hand and wrist injuries are the most common injuries. >> as dr. kim shows us getting patients back to work and their families, and the cost is down. >> from holding a baby to cradling a smart phone, our hands are in constant use. curting, catchingings getting -- catching, getting work done. trigger finger tendonitis. >> it also hurts economically. 20% of all er visits are due to hand and wrist injuries costing up to $740 million a year. >> show me where the pain is. >> now one bay area hospital is offering a smart solution. at high land hospital
mountain viewh view, 54. 51 for naapa and low 40s for sap tax cuts rosa and san francisco. extended forecast, soggy late tomorrow. wednesday we will have rainfall around. thursday and friday looking good. saturday showers are back. sunday and monday, drying out. more rain moving in tomorrow. >> more and more. >> reporter: merry christmas. >> merry christmas to you. thanks, paul. >> we'll be right back. ,,,,,,,,,,,, now, a new clinic in alameda county is addressing not on...
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Dec 26, 2012
12/12
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the country is a week away from the tax increases and deep spending cuts that will be triggered without an agreement. the next move will likely fall on democratic senate leader harry reid who is crafting a package on his own. it would extend the bush era tax cuts for households making less than $250,000 a year including the short-term spending cuts. >>> and it is a scary statistic for the recent college graduates. the number of young californians with the degrees working in restaurants or the retail, they have nearly doubled over the last five years. cbs 5 reporter tells us that these are the same people who have expensive college loans to pay off. >> reporter: when you're shopping this holiday season, or eating out, take a look around. you might notice a lot more people under 30 working those jobs. according to the census bureau, there are about 260,000 young adults with college degrees in california, taking work and food service in retail because they can't get anything else. >> it's pretty sad now, yeah. >> reporter: graduating with a computer science degree. >> i graduated with my b
the country is a week away from the tax increases and deep spending cuts that will be triggered without an agreement. the next move will likely fall on democratic senate leader harry reid who is crafting a package on his own. it would extend the bush era tax cuts for households making less than $250,000 a year including the short-term spending cuts. >>> and it is a scary statistic for the recent college graduates. the number of young californians with the degrees working in restaurants...
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Dec 27, 2012
12/12
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they have less than five days to come to agreement before tax hikes and spending cuts kick in. senate majority leader harry reid has a plan to let tax cuts expire for households making more than $250,000 a year along with short-term spending cuts instead of the long-term cuts that would happen if there is nodule. >> the american people are waiting for the ball to drop but it's not going to be a good drop because americans' taxes are approaching the wrong direction. >> reporter: negotiations between president obama and house republican leaders stalled last week. the house is now leaving it up to the democratic-controlled senate to solve the problem before the new year deadline. in addition to the "fiscal cliff," treasury secretary timothy geithner warned congress that the u.s. is close to hitting its debt limit of $16.4 trillion. geithner saved the government will take steps to allow more burrough after december 31. danielle nottingham, cbs news, washington. >>> let's look now at the markets. stocks fell sharply by 55 and change. the drop is attributed to consumer confidence fal
they have less than five days to come to agreement before tax hikes and spending cuts kick in. senate majority leader harry reid has a plan to let tax cuts expire for households making more than $250,000 a year along with short-term spending cuts instead of the long-term cuts that would happen if there is nodule. >> the american people are waiting for the ball to drop but it's not going to be a good drop because americans' taxes are approaching the wrong direction. >> reporter:...
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Dec 31, 2012
12/12
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but experts say that tax holiday is coming to an end and the small tax break adds up over the course of a year. the center on budget and policy priority says it is about $100 billion that will come out of our paychecks to go to the government. goldman sachs says that ending the tax hol day would shave .6 percentage points off economic growth next year, which is not predicted to be strong. so let me tell you what the impact would be for you. if you make $50,000 a year that works out about $20 a week more you'll have to pay according to the urban bookings tax policy center. $20 a week doesn't seem like that much, but when you add it up, it will be about a thousand dollars less you will take home next year. >>> hail to the redskins. did you see that game last night? whoa, it was hot. and we are now the division east champions. delia got up early today to talk to fans who celebrated all night. >> reporter: it is all about the burgundy and gold today. fans celebrating a major win, a great way to ring in the new year. you have got your jersey on, tell me about the game last night what did
but experts say that tax holiday is coming to an end and the small tax break adds up over the course of a year. the center on budget and policy priority says it is about $100 billion that will come out of our paychecks to go to the government. goldman sachs says that ending the tax hol day would shave .6 percentage points off economic growth next year, which is not predicted to be strong. so let me tell you what the impact would be for you. if you make $50,000 a year that works out about $20 a...
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Dec 30, 2012
12/12
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taxes on all americans. starting tuesday, the average tax hike will be three to 5% per person. >> let's keep taxes exactly where they are on the first $250,000 of everybody's income. >> reporter: the president campaigned to increase taxes only on families making more than $250,000 per year. almost two weeks ago, the president offered a compromise to raise taxes only on income above 400,000, hoping that might win republican support. >> i have gone at least halfway. >> reporter: the senate is also negotiating an extension of unemployment benefits for some 2 million jobless americans, without a deal those checks will stop next week for this mother of five who has been searching for work since february. >> if congress does not extend the unemployment benefits, then i would be without a home and i really don't know what else we would do. >> reporter: the deal under discussion in the senate right now doesn't even include the biggest part of the fiscal cliff, that 1.2 trillion dollars in mandatory budget cuts, spen
taxes on all americans. starting tuesday, the average tax hike will be three to 5% per person. >> let's keep taxes exactly where they are on the first $250,000 of everybody's income. >> reporter: the president campaigned to increase taxes only on families making more than $250,000 per year. almost two weeks ago, the president offered a compromise to raise taxes only on income above 400,000, hoping that might win republican support. >> i have gone at least halfway. >>...
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Dec 29, 2012
12/12
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a big tax bill. it was half-a-million dollars. we sold off 150 acres; gave us hemething to pay the tax with. >> reporter: now, jeff and his wife mary worry their dream of passing the land on to their two daughters will be ruined by the lifcal cliff. the estate tax rate would rise from 35% to 55% on estates worth over $1 million. 1 t today's prices in the napa thley, the pages' land could easily be worth $8 million. you're wealthy, right? u' but it's all in the dirt. you know, we're dirt rich, cash poor. >> reporter: for the pages, more than money is at stake. they want the land that is part of their family's past to also be part of its future. john blackstone, cbs news, in the napa valley. >> glor: and that is not all. apart from the fiscal cliff febate, some other laws are due to expire january 1, and that could cost americans plenty. ar starters, the payroll tax break will end. illial security taxes will go from 4.2% back to 6.2%. if the farm bill is allowed to expire, it is feared milk prices coul
a big tax bill. it was half-a-million dollars. we sold off 150 acres; gave us hemething to pay the tax with. >> reporter: now, jeff and his wife mary worry their dream of passing the land on to their two daughters will be ruined by the lifcal cliff. the estate tax rate would rise from 35% to 55% on estates worth over $1 million. 1 t today's prices in the napa thley, the pages' land could easily be worth $8 million. you're wealthy, right? u' but it's all in the dirt. you know, we're dirt...
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Dec 31, 2012
12/12
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the way they are behaving the only priority is tax rates for wealthiest americans are protected. >> >> reporter: if the deal is not reached they want the senate to introduce legislation to keep the tax credit for $250,000 a year and keep unemployment benefits, back to you. >> it was not all gridlock in washington, though, both parties were able to agree to a one-year extension of the farm bill that expired in october. once it is passed the bill extends the threat of milk prices doubling next month. consumers were facing the prospect of paying $7 a gallon if the dairy program lapsed. >> reporter: you can keep tabs on the if fiscal cliff talk, 24/7 bilogging on to our web site, cbssf.com. >>> checking bay area headlines, the police still searching for the police who mugged a woman and killed her dog. the woman was looking for her cell phone in her car in the tender loin on friday when a man attempted to rob here. then grab her 12-year-old dog and hurled it into traffic. the police are checking for surveillance video. the area and offering a $1,000 reward for information. >>> the police
the way they are behaving the only priority is tax rates for wealthiest americans are protected. >> >> reporter: if the deal is not reached they want the senate to introduce legislation to keep the tax credit for $250,000 a year and keep unemployment benefits, back to you. >> it was not all gridlock in washington, though, both parties were able to agree to a one-year extension of the farm bill that expired in october. once it is passed the bill extends the threat of milk...
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Dec 25, 2012
12/12
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only a week left to avoid tax hikes and spending cuts that will impact almost every american. now it appears democratic senate leader harry reid may take the lead in crafting a compromise to avoid tax hikes on at least the middle class which was the president's parting plea. meanwhile here in california leaders are concerned about what could happen if the tax hikes and budget cuts kick in. >> this would undo a lot of the good of the extra taxes californians are willing to invest in the schools. particularly special needs students would be cut by 10% and the meals program that so many of the californias are growing up in poverty and they need that meal. >> some county and city officials are concerned about the potential impact on health and welfare programs. >>> the dreaded fiscal cliff can potentially affect a wide range of health programs. >> cbs news' wyatt andrews explains. >> reporter: professor mallen like hundreds of medical researchers has already fallen off the fiscal cliff. her budget which relies on federal grants is being cut by 10% now. as the nih, the national ins
only a week left to avoid tax hikes and spending cuts that will impact almost every american. now it appears democratic senate leader harry reid may take the lead in crafting a compromise to avoid tax hikes on at least the middle class which was the president's parting plea. meanwhile here in california leaders are concerned about what could happen if the tax hikes and budget cuts kick in. >> this would undo a lot of the good of the extra taxes californians are willing to invest in the...
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Dec 28, 2012
12/12
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income taxes won't be the only taxes going up, if there's no agreement. estate taxes paid by those who inherit property will also jump. here's john blackstone. >> reporter: jeff page owns 120-acre vineyard in california's napa vail vale but when his great-grandfather started farming here in the late 1800s, this was cattle country. >> both sides of the family came in before the turn of the century, and farmed orchard fruit and cattle. >> reporter: but much of the land she grew up on is gone, sold to pay estate taxes after his grandfather's death. had land back in the hills over there? >> yeah. >> reporter: had to sell it all. >> had to sell all of it? >> reporter: estate tax? >> yes. >> his grandfather died in 1972 when estate taxes were at an all-time high, 77%. >> it was a big tax bill. it was half a million dollars we sold off 150 acres, gave us something to pay the tax with. >> reporter: now, jeff and his wife mary worry their dream of passing the land on to their two daughters will be ruined by the fiscal cliff. the estate tax rate would rise from 35%
income taxes won't be the only taxes going up, if there's no agreement. estate taxes paid by those who inherit property will also jump. here's john blackstone. >> reporter: jeff page owns 120-acre vineyard in california's napa vail vale but when his great-grandfather started farming here in the late 1800s, this was cattle country. >> both sides of the family came in before the turn of the century, and farmed orchard fruit and cattle. >> reporter: but much of the land she grew...
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Dec 29, 2012
12/12
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sales tax goes up .25% thanks to proposition 30. and state income taxes increase for households making more than $250,000. a year. >> can we go back to some better news? social media they addressed social media, yes? >> reporter: your employer cannot ask or you don't have to give them your social media user names and if you are applying for a new job, they can't ask you for what your user name is for a background check. >> thank you. >>> brian, i went outside about an hour ago and it felt like rain. it was cold and had that kind of feeling about it. >> it's really trying. it's raining over the ocean. we'll show you using hi-def doppler but first let's look at our camera that is heading towards san francisco, bay bridge if the foreground. pretty shot. on the doppler we're picking up a few cells offshore. you can see a little bit around the peninsula and some over the richmond/san rafael bridge. but aside from that, that was what the forecast was. most of these showers are going to stay offshore through the night, probably as we get t
sales tax goes up .25% thanks to proposition 30. and state income taxes increase for households making more than $250,000. a year. >> can we go back to some better news? social media they addressed social media, yes? >> reporter: your employer cannot ask or you don't have to give them your social media user names and if you are applying for a new job, they can't ask you for what your user name is for a background check. >> thank you. >>> brian, i went outside about an...
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Jan 1, 2013
01/13
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experts say that tax holiday is coming to an end and the small tax break adds up big over the course of a year. the center on budget and policy priorities says it's about $100 billion that will come out of our paychecks and go to the tax man. goldman sachs says that ending the tax holiday would shave 0.6 percentage points off economic growth next year which is not predicted to be all that strong anyway and here's the impact on you. let's say you make $50,000 a year, that's an extra $20 out of every single paycheck every week. doesn't seem like a lot of money but when you do the math, it sure adds up. that's $1000 you won't be taking home in 2013. jessica doyle, 9 news now. >>> angry, frustrated and confused, that's how many americans say they are feeling as we near the fiscal cliff. early today, dozens of people stopped what they were doing to watch the president's statement thank you miami -- at the museum. they were hoping to hear the president say we've got a deal. instead all they heard was a deal is in sight but not done yet. >> very frustrating that they have been at this for m
experts say that tax holiday is coming to an end and the small tax break adds up big over the course of a year. the center on budget and policy priorities says it's about $100 billion that will come out of our paychecks and go to the tax man. goldman sachs says that ending the tax holiday would shave 0.6 percentage points off economic growth next year which is not predicted to be all that strong anyway and here's the impact on you. let's say you make $50,000 a year, that's an extra $20 out of...
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Jan 1, 2013
01/13
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taxes. three hours before the midnight deadline, senate majority leader mitch mcconnell and vice president joe biden emerged with a compromise on taxes and agreed to wait on slashing spending. >> this was the mini cliff. the big cliff still lies in front of us. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> reporter: the bush-era tax cuts remain in place for individuals earning as much as $400,000 a year, far above the 250,000 level on which president obama campaigned. but those making more will see higher income taxes, capital gains, plus a new health care reform surtax. rob wood says you'll notice in your paycheck one popular tax cut will be history. >> the average person, say, earning $50,000 a year is going to pay about $1,000 more in payroll taxes in 2013. >> reporter: the fiscal cl
taxes. three hours before the midnight deadline, senate majority leader mitch mcconnell and vice president joe biden emerged with a compromise on taxes and agreed to wait on slashing spending. >> this was the mini cliff. the big cliff still lies in front of us. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do,...
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Jan 1, 2013
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. >> sales tax right here tomorrow, 9.5%. >> sales tax right here tomorrow, 9%. >> reporter: the tax from prop 30 will last the next four years. in el cerrito, mike sugerman, cbs 5. >>> coming up in the next half hour a live report from washington, d.c. the latest on the "fiscal cliff" fiasco. and we'll look more closely at one part of the budget debate that's drawn a lot of attention, the possibility of skyrocketing milk prices. >> and a new report on the benghazi disaster levels more harsh criticism of the state department. >> the california supreme court hands down one last ruling on bumper cars in 2012 next. >> and one more fireworks extravaganza before the break and this might qualify as the biggest of the year. earlier we showed you taipei 101. here's the world's tallest building, the burj khalifa that serves as the centerpiece for the fireworks in dubai. oh, my gosh, that's amazing. we're back in 2.5 minutes. ,,,,,, ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we'r
. >> sales tax right here tomorrow, 9.5%. >> sales tax right here tomorrow, 9%. >> reporter: the tax from prop 30 will last the next four years. in el cerrito, mike sugerman, cbs 5. >>> coming up in the next half hour a live report from washington, d.c. the latest on the "fiscal cliff" fiasco. and we'll look more closely at one part of the budget debate that's drawn a lot of attention, the possibility of skyrocketing milk prices. >> and a new report on...
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Jan 1, 2013
01/13
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the sales tax increased by one quarter of 1% all because of prop 30. it increased the sales tax rate to 7.5%, one-cent one cent for every $4 you spend. >> it's going to add up. we spend a lot especially for young kids. i'm only 21 and i spend money like it's nothing. >> well, some local cities have even higher taxes. you see them here in the bay area, taxes in el cerrito and union city alone are at 9.5%. >>> it turns out that the health of the economy could actually influence whether a child picks up unhealthy habits. scientists at the state university of new york found children who grow up when unemployment rates are high are more likely to drink, smoke and use marijuana in their teens. researchers want doctors to consider their study when dealing with children born during this most recent recession. >>> and if you partied too hard last night you might want to buy some asparagus. we have sign it is in korea who apparently analyzed the vegetable's chemical compounds and believe that the amino acids and minerals in asparagus can replenish the body to re
the sales tax increased by one quarter of 1% all because of prop 30. it increased the sales tax rate to 7.5%, one-cent one cent for every $4 you spend. >> it's going to add up. we spend a lot especially for young kids. i'm only 21 and i spend money like it's nothing. >> well, some local cities have even higher taxes. you see them here in the bay area, taxes in el cerrito and union city alone are at 9.5%. >>> it turns out that the health of the economy could actually...
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Jan 1, 2013
01/13
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payroll tax. it also kicked the can down the road on automatic spending cuts for the defense department and domestic programs. they've been postponed for two months. as lee cowan reports, that uncertainty has many business owners worried. >> reporter: jo ann vinute is running the numbers. her payroll is due this week. although she at least now has a hint on what taxes to withhold from her dozen employees, that's only half her worry. unresolved spending cuts are the other. >> it's very uncertain and very unnerving and very -- causes a lot of anxiety and a lot of lack of sleep. >> reporter: she's the president of golden state magnetic. a $2 million a year los angeles company that inspects, cleans and paints high-tech aircraft and aerospace parts. everything from fighter jets to mars rovers. any cuts in defense spending could mean cuts in her business, too. and the waiting has her on a fiscal cliff of her own. what does it do if there's another, you know, month, two months, three months of this? >> i
payroll tax. it also kicked the can down the road on automatic spending cuts for the defense department and domestic programs. they've been postponed for two months. as lee cowan reports, that uncertainty has many business owners worried. >> reporter: jo ann vinute is running the numbers. her payroll is due this week. although she at least now has a hint on what taxes to withhold from her dozen employees, that's only half her worry. unresolved spending cuts are the other. >> it's...
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Dec 30, 2012
12/12
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capital games taxes, dividend taxes, estate taxes will all go up. everyone will see a 2% cut in your paycheck, since the payroll tax cut will expire. for every american that's about a $940 decrease in your annual takehome pay. we're talking about the child tax credit, the marital it penalty fixes, and on january 2, the stock market as you talked about, reopens, and the federal government reopens which means the sequestration kicks in. $110 billion in spending cuts a year for the next 10 years. that's a 9% cut in defense and 8% cut in domestic spending. and then we're not finished because january 7, that week, 2.1 million people will stop receiving their unemployment checks. all in all, economists say this could mean 3.4 million jobs lost and unemployment could reach 19.1% by the end of the 2013, and the u.s. will enter another recession, and yet congress can't get anything done >> there is a little bit of a cushion there. the i.r.s. didn't expect that we would get to this point. they thought congress would work something out, so it's not as if peopl
capital games taxes, dividend taxes, estate taxes will all go up. everyone will see a 2% cut in your paycheck, since the payroll tax cut will expire. for every american that's about a $940 decrease in your annual takehome pay. we're talking about the child tax credit, the marital it penalty fixes, and on january 2, the stock market as you talked about, reopens, and the federal government reopens which means the sequestration kicks in. $110 billion in spending cuts a year for the next 10 years....
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Dec 31, 2012
12/12
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that is the tax increases on new year's day unless a deal can be reached. now, they have been coming closer but so far not enough to come up with an agreement. >> members of congress met meetings today on capitol hill without a deal. hours before the nation is set to fall off the fiscal cliff. >> there are are still significant differences between the two sides, tpheg orbiations continue. >>> if respects and temaccurates can not strike a deal before midnight monday taxes will go up for almost every american. automatic spending cuts will kick in and millions will lose unemployment benefits. >> i want everyone to know i am willing to get had this done. i need a dance partner. >>> republicans introduced a proposal by slowing the growth of social security. senators say there is movement as both sides try to compromise about which americans should start paying a higher tax rate. >> this is a lot of give and take going on right now. but republicans don't want to see new revenues, in other words democrat tax increases being used for new spending. >> in an unusual
that is the tax increases on new year's day unless a deal can be reached. now, they have been coming closer but so far not enough to come up with an agreement. >> members of congress met meetings today on capitol hill without a deal. hours before the nation is set to fall off the fiscal cliff. >> there are are still significant differences between the two sides, tpheg orbiations continue. >>> if respects and temaccurates can not strike a deal before midnight monday taxes...
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Dec 29, 2012
12/12
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another tax you'll see rise is the estate tax. cbs reporter john blackstone shows us how tumbling off the fiscal cliff could destroy the legacy of a napa valley vineyard. >> reporter: when his great grandfather started farming her in the late 1800s... >> they farmed orchard fruit and cattle. >> reporter: but much of the land he grew up on is gone, sold, to pay estate taxes after his grandfather's death. >> had to sell all of it. >> estate taxes? >> yes. >> reporter: his grandfather died in 1972 when estate taxes were at an all-time high, 77%. >> it was a big tax bill. it was, you know, half a million dollars. we sold off 150 acres. it gave us something to pay the tax with. >> reporter: now, jeff and his wife marry worry their dream of passing the land on to their two daughters will be ruined by the fiscal cliff. the estate tax rate would rise from 35 to 55% on estates worth over $1 million. at today's prices in the napa valley, the land could easily be worth $8 million. >> you're wealthy, but it's all in the dirt. we're dirt rich,
another tax you'll see rise is the estate tax. cbs reporter john blackstone shows us how tumbling off the fiscal cliff could destroy the legacy of a napa valley vineyard. >> reporter: when his great grandfather started farming her in the late 1800s... >> they farmed orchard fruit and cattle. >> reporter: but much of the land he grew up on is gone, sold, to pay estate taxes after his grandfather's death. >> had to sell all of it. >> estate taxes? >> yes....
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Jan 1, 2013
01/13
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. >> so local governments have even higher taxes and the bay area taxes in el cerrito and union city are now at 9.5%. >>> there are also a number of new laws set to go into effect today. drivers in california can now text and email while driving if they use a voice-operated system. other laws restrict banks from pursuing so-called dual track foreclosures. and there are also several measures designed to ensure the safety of natural gas pipeline. but there's one contested measure that's still on hold a ban on gay conversion therapy. it will not go into effect because of a federal appeals court issuing a stay. >>> chp out in force last night looking for anyone who shouldn't be on the roads and here's a sobering thought. a dui can cost you up to $7,000. cbs reporter mark strassmann shows how some new technology could put the brakes on drunk driving. >>> reporter: >> so we want to take this device and implement it in the car. >> reporter: bud is leading a team creating technology that might prevent 10,000 drunk driving deaths a year. unlike this existing breathalyzer test for convicted dr
. >> so local governments have even higher taxes and the bay area taxes in el cerrito and union city are now at 9.5%. >>> there are also a number of new laws set to go into effect today. drivers in california can now text and email while driving if they use a voice-operated system. other laws restrict banks from pursuing so-called dual track foreclosures. and there are also several measures designed to ensure the safety of natural gas pipeline. but there's one contested measure...
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Dec 31, 2012
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republicans want tax rates to stay where they are. taxes seem to be the biggest obstacle to a compromise but others want to government -- others want to see government spending put in check. >> the president is doing nothing about the addiction that his administration, he is the spender in chief. >> reporter: president obama says he is willing to do that. >> i offered over a trillion dollars in additional spending cuts so we would have $2 cuts for every $1 of increased revenue. >> senate is in recess. >> reporter: the senate reconvenes at 11 a.m. so as americans celebrate the beginning of 2013 they may wake up wishing it was 2012 when they had more money in their pockets. andrew spencer reporting. >> the midnight deadline is 9:00 our time. if the deadline passes there could still be wiggle room if the president and lawmakers appear to be working towards an agreement. the tax hikes and spending cuts could be held at bay for a few weeks, they could be repealed retroactively once a deal is reached. and you can keep tabs on the fiscal tal
republicans want tax rates to stay where they are. taxes seem to be the biggest obstacle to a compromise but others want to government -- others want to see government spending put in check. >> the president is doing nothing about the addiction that his administration, he is the spender in chief. >> reporter: president obama says he is willing to do that. >> i offered over a trillion dollars in additional spending cuts so we would have $2 cuts for every $1 of increased...
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Dec 28, 2012
12/12
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if no deal is reached, taxes will go up for nearly every american. senators reconvened thursday with tensions spilling over onto the floor. each side accused the other of stalling. >> speaker boehner is unwilling to negotiate. we've not heard a word from mcconnell. nothing is happening. >> the phone never rang. and so now here we are, five days from the new year. and we might finally start talking. >> reporter: senate majority leader harry reid skewered house speaker john boehner, charging he's more interested in his leadership position than in bipartisan legislation. >> the speaker's no. 1 goal is to get elected speaker on january 3. >> reporter: the two sides are at odds over tax cuts and spending. republicans say it's up to the democratically controlled senate and white house to reach an agreement. >> republicans aren't about to write a blank check for anything senate democrats put forward just because we find ourselves at the edge of the cliff. >> reporter: members of the house were told to come back to washington sunday evening. they would have
if no deal is reached, taxes will go up for nearly every american. senators reconvened thursday with tensions spilling over onto the floor. each side accused the other of stalling. >> speaker boehner is unwilling to negotiate. we've not heard a word from mcconnell. nothing is happening. >> the phone never rang. and so now here we are, five days from the new year. and we might finally start talking. >> reporter: senate majority leader harry reid skewered house speaker john...
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Dec 26, 2012
12/12
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leader harry reid was reportedly on capitol hill at christmas working on a scaled-down plan to avoid tax hikes for all but the wealthiest americans. his plan would also include short-term spending cuts instead of long-term deals that have been sought. president obama will cut short his hawaiian vacation around return to washington today to take part in those negotiations. christmas day the president and first lady met with servicemembers and families. the president told marines he was grateful for their service and posed for pictures. >>> more bay area headlines. one of santa's helpers put in a little overtime on christmas but instead of a sleigh and reindeer, san jose postal worker nancy ray used this a mail truck. ray is carrying on a decades old tradition of delivering packages to people on christmas. this is the third year ray has put her sant suit. she started working in the san jose post office 20 years ago and said this is a job she always wanted. >> some books, two things of presents. >> a relatively new christmas tradition continues in richmond as hundreds showed up at the commu
leader harry reid was reportedly on capitol hill at christmas working on a scaled-down plan to avoid tax hikes for all but the wealthiest americans. his plan would also include short-term spending cuts instead of long-term deals that have been sought. president obama will cut short his hawaiian vacation around return to washington today to take part in those negotiations. christmas day the president and first lady met with servicemembers and families. the president told marines he was grateful...
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Dec 30, 2012
12/12
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tax code, or stop across-the-board spending cuts. in both parties' weekly addresses, it's clear a big sticking point remains. >> it's a balanced plan one that would protect the middle class, cut spending in a responsible way, and ask the wealthiest americans to pay a little more. >> the president's tax hike would only fund the government for eight days. americans deserve to know what is the president proposing we do for the other 357 days of the year. >> reporter: both the house and the senate will be in session tomorrow. the senate is expected to take the lead and vote on the scaled- back bill then send it to the house. as many americans brace for the worst, patience is running out. >> they're playing games with people's lives. and i don't think that's correct. >> reporter: even if congress manages to break the gridlock in time, more trouble is just around the corner when the u.s. reaches the debt limit again in a few weeks. tara mergener for cbs news, washington. >>> well, a new state law goes into effect tuesday. it worries people
tax code, or stop across-the-board spending cuts. in both parties' weekly addresses, it's clear a big sticking point remains. >> it's a balanced plan one that would protect the middle class, cut spending in a responsible way, and ask the wealthiest americans to pay a little more. >> the president's tax hike would only fund the government for eight days. americans deserve to know what is the president proposing we do for the other 357 days of the year. >> reporter: both the...
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Dec 27, 2012
12/12
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in just six days, a 2% payroll tax is set to expire, along with the bush-era tax cuts, shrinking the average person's paycheck in 2013 by about $1500. long-term unemployment benefits for about two million jobless americans are also set to expire. and 110 billion worth of spending cuts to both domestic and defense programs will start to kick in, forcing layoffs in the public sector and for some private sector government contractors. economists predict that if congress doesn't act, all those cuts and new taxes will push the economy back into a mild recession by mid 2013. the impact of some of these new cuts and taxes wouldn't be felt immediately on january 1. that's because the irs and other agencies didn't expect it to come to this. so it could be a few weeks before workers see more money being withheld in their paychecks. cbs news in hawaii. >>> former president george h.w. bush is in intensive care at a hospital in houston. a fever that kept mr. bush in the hospital over christmas has apparently gotten worse. doctors have him on a liquid- only diet. a bush family spokesperson says t
in just six days, a 2% payroll tax is set to expire, along with the bush-era tax cuts, shrinking the average person's paycheck in 2013 by about $1500. long-term unemployment benefits for about two million jobless americans are also set to expire. and 110 billion worth of spending cuts to both domestic and defense programs will start to kick in, forcing layoffs in the public sector and for some private sector government contractors. economists predict that if congress doesn't act, all those cuts...
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Jan 1, 2013
01/13
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. >> reporter: president obama says he wanted a grand bargain that dealt with taxes and spending cuts at the same time. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not publicly yet endorsed the deal. >>> the white house issued a statement after this morning's senate vote. in part it reads while neither democrats or republicans got everything they wanted, this agreement is the right thing to do for our country and this house should pass it without delay. >>> a local police department is starting the new year in mourning. a warrenton father leaves behind three grieving children and saddened neighbors. >> reporter: officer chris young was on his way to another call when this terrible crash happened right here behind me in bristow. it was really sad and hard for our families. the kids all played together. chris was always running around playing flashlight tag with the kids. always had a smile on his face. just a great guy. >> reporter: friends remember officer chris young. the married father of three
. >> reporter: president obama says he wanted a grand bargain that dealt with taxes and spending cuts at the same time. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not publicly yet endorsed the deal. >>> the white house issued a statement after this morning's senate vote. in part it reads while neither democrats or republicans got everything they wanted, this agreement is the...
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Dec 29, 2012
12/12
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. >> we're now at the point where in just a couple of days, the law says that every american's tax rates are going up. every american's paycheck will get a lot smaller. that would be the wrong thing to do for our economy. >> divided government is a good time to solve hard problems. in the next few days, leaders in washington have an important responsibility to work together to do just that. >> congressional leaders could present legislation to senators as early as tomorrow with a vote possible on sunday or monday. >>> coming up on 9 news -- ♪ [music] ♪ a local music legend dies. we'll have a look back at the career of mike aldredge. >>> welcome back, everybody. local blue grass music legend mike aldredch has died of cancer. he would have been 74 tomorrow. ♪ [music] ♪ he was a founding member of the group "the seldom seen." he also toured with performers like lyle lovett and amy lou harris. he played the get car known as a dobro. >> it was a way of amplifying mechanically of the guitar before the invention of the electric guitar. there's an aircraft aluminum resonator inside this
. >> we're now at the point where in just a couple of days, the law says that every american's tax rates are going up. every american's paycheck will get a lot smaller. that would be the wrong thing to do for our economy. >> divided government is a good time to solve hard problems. in the next few days, leaders in washington have an important responsibility to work together to do just that. >> congressional leaders could present legislation to senators as early as tomorrow...
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Jan 1, 2013
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one step can be quite taxing. >> sales taxes here tomorrow 9.5%. sales tax right here tomorrow, 9%. >> reporter: so we're live here at safeway at the del norte bart station. it's mobbed. i'm not sure people are trying to save an extra penny every four dollars. it's new year's eve. but they are getting cheaper goods today and this tax will continue for the next four years. live in el cerrito, mike sugerman, cbs 5. >> thank you. >>> some people will have more money to spend come new year's. san francisco's minimum wage will be increased to $10.55 an hour. and that makes it the highest in the u.s. >>> a not guilty plea from a woman accused of killing a pedestrian at san francisco overlook. 23-year-old gina eunice appeared in court today on charges of vehicular manslaughter, dui and hit-and- run. police say her blood alcohol level was nearly three times the legal limit. but her attorney insists her million-dollar bail is unfair. >> i think it would be really so much better for this family which is not to denigrate what the yao family is going through b
one step can be quite taxing. >> sales taxes here tomorrow 9.5%. sales tax right here tomorrow, 9%. >> reporter: so we're live here at safeway at the del norte bart station. it's mobbed. i'm not sure people are trying to save an extra penny every four dollars. it's new year's eve. but they are getting cheaper goods today and this tax will continue for the next four years. live in el cerrito, mike sugerman, cbs 5. >> thank you. >>> some people will have more money to...
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Dec 26, 2012
12/12
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also be back in session on thursday without a deal by the end of the year automatic spending cuts and tax increases going into effect. >>> starbucks is trying to do what it can to urge a "fiscal cliff" compromise. the coffee chain is asking employees at its cafes in the d.c. area to write the words "come together" on cups for the next two days. starbucks plans to continue the effort on social media. >>> encouraging signs in the housing market. home prices rose in most major cities in october up more than 4% from a year earlier and october was the fifth straight month of year-over-year gains. taking a look at the big board now, you can see that stocks are down today in a light trading session. you can see the dow is down about 9 points. >>> a bay area family and the season of giving. how the kindness of strangers helped save a family's injured dog. ,,,,,,,,,,,,,, donors for saving their dog. c-b-s-5 reporter christin ay >>> a you can bay area couple is thanking -- a young bay area couple is thanking anonymous donors for saving their dog. christin ayers shows us how strangers saved the dog
also be back in session on thursday without a deal by the end of the year automatic spending cuts and tax increases going into effect. >>> starbucks is trying to do what it can to urge a "fiscal cliff" compromise. the coffee chain is asking employees at its cafes in the d.c. area to write the words "come together" on cups for the next two days. starbucks plans to continue the effort on social media. >>> encouraging signs in the housing market. home prices...
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Dec 25, 2012
12/12
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avoid the fiscal cliff, billions in tax hikes and spending cuts will kick in. that uncertainty sparked another day of selling on wall street christmas eve. the dow dropped almost 52 points. >>> one of the most popular gifts under the christmas tree? gift cards. the national retail federation survey found 81% of shoppers bought gift cards this year spending an average of $150 each. >>> despite an increase in gift cards sales retailers anticipate holiday sales will be disappointing. while spending is expected to be up over last year, it is expected to be less than businesses were hoping for. >>> smart phones are a popular gift this year. next year smart cameras could be a big hit. they are already a couple on the market. nikon's new camera has wi-fi gps and many of the apps you'll find on an android smart phone. samsung's galaxy cam can also go an line allowing you to take pictures and immediately share them on social media. other companies are working on similar devices for next year. that's your money watch. for more business headlines go to cbsmoneywatch.com.
avoid the fiscal cliff, billions in tax hikes and spending cuts will kick in. that uncertainty sparked another day of selling on wall street christmas eve. the dow dropped almost 52 points. >>> one of the most popular gifts under the christmas tree? gift cards. the national retail federation survey found 81% of shoppers bought gift cards this year spending an average of $150 each. >>> despite an increase in gift cards sales retailers anticipate holiday sales will be...
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Dec 26, 2012
12/12
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the country is a week away from tax increases and deep spending cuts that will be triggered without an agreement. the next move will likely fall on democratic senate leader harry reid. >>> it's a scary statistic for recent college graduates. the number of young californians with degrees working in restaurants or retail has nearly doubled over the last five years. grace lee tells us these are the same people who have expensive college loans to pay off. >> reporter: when you're shopping this holiday season or eating out, take a look around. you might notice a lot more people under 30 working those jobs. according to the census bureau there are about 260,000 young adults with college degrees in california taking work in food service and retail because they can't get anything else. >> pretty sad now. >> reporter: roary graduated with a computer science degree. >> i graduated with my bachelors in 2009 and my first job was at a retail store. at first it was kind of embarrassing. >> i couldn't get a job in the field i wanted to. i figured i have to go to law school to get where i wanted to be
the country is a week away from tax increases and deep spending cuts that will be triggered without an agreement. the next move will likely fall on democratic senate leader harry reid. >>> it's a scary statistic for recent college graduates. the number of young californians with degrees working in restaurants or retail has nearly doubled over the last five years. grace lee tells us these are the same people who have expensive college loans to pay off. >> reporter: when you're...
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Dec 25, 2012
12/12
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there is only a week left to avoid tax hikes and spending cuts that will impact almost every american. tonight it appears democrat senate leader harry reid may take the lead in crafting a comp mice to prevent tax hikes on at least the middle class. the president was in hawaii for the funeral of senator daniel minoli. >>> one of the president's last acts before leaving washington caught some holiday travelers offguard today. grace lee on how an unexpected federal holiday scuttled some christmas vacations. >> i'm really upset. at this point, i don't know what can we do now? just wait. we've been here since 7:30 in the morning. my appointment was at 9. >> reporter: stranded an christmas eve. it was the same story for dozens who were supposed to pick up pass ports today. some had confirmation numbers. >> extremely frustrating and disappointing that i'm not going to be able to see them, not for my wife's birthday or my daughter for christmas. >> reporter: the passport agency was supposed to be open today, but in a last-minute decision on friday, the president declared christmas eve a feder
there is only a week left to avoid tax hikes and spending cuts that will impact almost every american. tonight it appears democrat senate leader harry reid may take the lead in crafting a comp mice to prevent tax hikes on at least the middle class. the president was in hawaii for the funeral of senator daniel minoli. >>> one of the president's last acts before leaving washington caught some holiday travelers offguard today. grace lee on how an unexpected federal holiday scuttled some...
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Dec 31, 2012
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have pushed back against any tax increases. president obama is placing the blame for the impasse on the gop. >> they say that their biggest priority is making sure that we deal with the deficit in a serious way, but the way they're behaving is that their only priority is making sure that tax breaks for the wealthiest americans are protected. >> reporter: but senators say there is some movement on the issue. >> there's a lot of give and take going on right now, but republicans doan want to see new revenues, in other words, democrat tax increases, beused for new spending. >> the president has said if there is no deal by the end of the day, the senate should draw up legislation to extend the bush-era tax cuts for the middle class. >> there should be an up or down vote. everybody should have a right to vote on that. you know, if republicans don't like it, they can vote no, but i actually think there's a majority support for making sure that middle-class families are held harmless. >> a white house proposal to increase estate taxes
have pushed back against any tax increases. president obama is placing the blame for the impasse on the gop. >> they say that their biggest priority is making sure that we deal with the deficit in a serious way, but the way they're behaving is that their only priority is making sure that tax breaks for the wealthiest americans are protected. >> reporter: but senators say there is some movement on the issue. >> there's a lot of give and take going on right now, but republicans...
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Dec 30, 2012
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cut spending in a responsible way, and ask the wealthiest americans to pay more. >> the president's tax hike would only fund the government for 8 days. americans deserve to know what is the president proposing we do for the other 357 days of the year? >> reporter: both the house and the senate will be in session tomorrow. the senate is expected to take the lead and vote on the scaled back bill. then send it to the house. as many americans brace for the worst, patience is running out. >> they're playing games with people's lives. and i don't think that's correct. >> reporter: even if congress manages to break the gridlock in time, more trouble is just around the corner. when the u.s. reaches the debt limit again in a few weeks. tara mergener for cbs news, washington. >>> a new state law that goes into effect tuesday worries people concerned about distracted driving. the law will allow drivers to send text messages as long as they use technology that is fully voice operated and hands- free. supporters of the new law say it's better than having drivers type while driving but opponents say
cut spending in a responsible way, and ask the wealthiest americans to pay more. >> the president's tax hike would only fund the government for 8 days. americans deserve to know what is the president proposing we do for the other 357 days of the year? >> reporter: both the house and the senate will be in session tomorrow. the senate is expected to take the lead and vote on the scaled back bill. then send it to the house. as many americans brace for the worst, patience is running...
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Dec 31, 2012
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. >> i can report that we've reached an agreement on all of the tax -- the tax -- issues. >> reporter: first and foremost, the bush era tax cuts. the two sides agreed to extend them permanently for all household income under $400,000 a year for individuals, $450,000 a year for families. negotiators also agreed to prevent the al tesh tiff minimum tax on the wealthy from hitting millions of middle class families every year by permanently adjusting it to inflation. and they agreed to hike the estate tax rate from 35% to 40%, but the first $5 million worth of inheritance would be exempt from taxation permanently. the breakthugh prompted relief for many, including connecticut senator joe lieber man. >> i hope the negotiations going on now end with an agreement and i hope that we will pass it with bipartisan majority in theong senate and the house. >> reporter: but others, chiefly republicans, were angry that the deal did not include a serious package of spending cuts and might actually add to the deficit. tennessee senator bob corker. >> everybody on this body knows we've done nothing -- n
. >> i can report that we've reached an agreement on all of the tax -- the tax -- issues. >> reporter: first and foremost, the bush era tax cuts. the two sides agreed to extend them permanently for all household income under $400,000 a year for individuals, $450,000 a year for families. negotiators also agreed to prevent the al tesh tiff minimum tax on the wealthy from hitting millions of middle class families every year by permanently adjusting it to inflation. and they agreed to...
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Dec 24, 2012
12/12
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to my republican colleagues, if we can protect 99% of the americans from a tax hike, that is not a tax increase in my books. >> if there's no deal on new year's day, households between $50,000 and $75,000 will see an increase of $2,399. meanwhile households with $5 money,0 $00,000 to 1 mill could see an crease of $3900. >>> overseas an attack on americans in afghanistan. police officers, over 50 have been killed by police and soldiers this year. >>> in syria a british-based human rights group said over 60 people were killed when there was an attack on a backry. yesterday's air strike was an apparent retaliation for new rebel offensive. elizabeth palmer visited the town in southern syria that's alive with assad regime. >> reporter: conflict has engulfed syria over the past 21 months from one end of the country to the other, but so far it's barely touched the town in southern syria near the border with jordan. the people who live here are a religious group that's allied itself with president bashir al assad. when we arooived in town to meet the governor syrian state media was waiting for
to my republican colleagues, if we can protect 99% of the americans from a tax hike, that is not a tax increase in my books. >> if there's no deal on new year's day, households between $50,000 and $75,000 will see an increase of $2,399. meanwhile households with $5 money,0 $00,000 to 1 mill could see an crease of $3900. >>> overseas an attack on americans in afghanistan. police officers, over 50 have been killed by police and soldiers this year. >>> in syria a...
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Dec 24, 2012
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the social security payroll taxes are set to increase on january the 1st. you will see an immediate cut in your take-home pay. >>> the senator from idaho is apologizing for being arrested over the weekend. senator michael crepo was charged with driving under the influence. he was pulled over early yesterday froms agoryia, virginia outside of washington. the senator says he is he is deeply sorry and will deal with the consequences. >>> charges could be filed as soon as today against a driver accused of striking several pedestrians in san francisco. one of the victims, a woman from china died from her injuries after thursday night's accident on christmas three- point road. the woman was arrested on suspicion of felony duics and hit and run. >>> other bay area headlines, the murder rate in the city of richmond is at its lowest level since 2001. richmond has had 18 homicides this year. it was nearly three times that just three years ago. the contra costa times requires law enforcement and community efforts. they say it's made a difference. richmond has 190 poli
the social security payroll taxes are set to increase on january the 1st. you will see an immediate cut in your take-home pay. >>> the senator from idaho is apologizing for being arrested over the weekend. senator michael crepo was charged with driving under the influence. he was pulled over early yesterday froms agoryia, virginia outside of washington. the senator says he is he is deeply sorry and will deal with the consequences. >>> charges could be filed as soon as today...
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Dec 25, 2012
12/12
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end of the year. >> come january we're going to hit economic hangover when taxes are going to go up and everyone and ebe miserable. >> reporter: analysts say sales ana been strong this holiday season partly because many retailers started cutting prices ngrly. that meant bargains for christmas shoppers but, jeff, may mean lower profits for the jefes. >> glor: john blackstone, thank rou. john mentioned the fiscal cliff. tinight we've learned democrats emocraw moving ahead on their hei plan to avoid it now that talks have broken down with john boehner. white house and congressional leaders have until january 1 to lork out a budget deal. resident obama is in hawaii on udget dn. nancy cordes is there as well. nancy, good evening. nancy, goor: jeff, this would : sentially be a last-ditch effort to avert the fiscal ially be sources tell us that aides to the president have been in talks preliminary talks, with aides to senate majority leader harry elf who himself was here in hawaii this weekend for the funeral of senator daniel inouye. eid is now working, we're told, on a smaller package th
end of the year. >> come january we're going to hit economic hangover when taxes are going to go up and everyone and ebe miserable. >> reporter: analysts say sales ana been strong this holiday season partly because many retailers started cutting prices ngrly. that meant bargains for christmas shoppers but, jeff, may mean lower profits for the jefes. >> glor: john blackstone, thank rou. john mentioned the fiscal cliff. tinight we've learned democrats emocraw moving ahead on...
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Dec 30, 2012
12/12
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tax hook would only fund the government for eight days. americans deserve to know what is the president -- what does the president propose we do for the other 357 days of the year. >> reporter: president obama insists his plan on the table is fair and includes plenty of cuts to government spending. >> we just can't afford a politically self-inflicted wound to our economy. >> reporter: if sunday's negotiations don't pan out, the president said he's ready to propose his own scaled-back bill that would block tax increases for all but the wealthy. and preserve expiring unemployment benefits. with the deficit ticking ever higher, patience is wearing thin. >> for those of us who invest in the stock market, it's disgusting to watch them jockey around with our money. >> reporter: missing in all the last-minute negotiations is talk of the $1.2 trillion of mandatory spending cuts scheduled to go into affect today. tara mergener for cbs news, washington. >>> former president george h.w. bush is 88 years old and sent to the hospital last month in hous
tax hook would only fund the government for eight days. americans deserve to know what is the president -- what does the president propose we do for the other 357 days of the year. >> reporter: president obama insists his plan on the table is fair and includes plenty of cuts to government spending. >> we just can't afford a politically self-inflicted wound to our economy. >> reporter: if sunday's negotiations don't pan out, the president said he's ready to propose his own...
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Dec 28, 2012
12/12
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." >> reporter: and hope is fading that congress can get a deal done before tax hikes and spending cuts kick in january 1. >> i am not optimistic. >> reporter: even congressional leaders are skeptical. >> the american people have a right to be very upset with this congress. >> reporter: president obama has invited nancy pelosi, john boehner, mitch mcconnell and harry reid to the white house this afternoon for a "fiscal cliff" summit. >> here we are five days from the new year, and we might finally start talking. >> reporter: today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chambers of congress. >> i don't know time-wise how it can happen now. >> reporter: under senate rules the only way a bill could make its way through the procedure hurdles in time is if every senator agrees not to slow the progress. the house will be back here sunday night giving them just more than 24 hours to vote on any bill the senate works out. outside the beltway, carlino will be watching. >> everybody's kind of in
." >> reporter: and hope is fading that congress can get a deal done before tax hikes and spending cuts kick in january 1. >> i am not optimistic. >> reporter: even congressional leaders are skeptical. >> the american people have a right to be very upset with this congress. >> reporter: president obama has invited nancy pelosi, john boehner, mitch mcconnell and harry reid to the white house this afternoon for a "fiscal cliff" summit. >> here we...